Delivering something that clients really value

Increasingly firms providing financial advice to retail consumers in the UK are evolving their proposition to be a more holistic and lifestyle financial planning service.

At its heart this means a deep discovery process to understand what clients want out of their life and how money fits into that ideal.

It then involves creating a lifetime cashflow and net worth projection from which various ‘what if?’ scenarios can be modelled.

Each scenario can be analysed to determine the probability of success or failure in terms of not running out of money within the client’s anticipated lifetime.

All the main financial planning software packages create visually appealing and easy to understand colour charts, which illustrate the implications of things like downsizing the home, making lifetime gifts and different rates of lifestyle inflation and real investment returns.

Progressive firms create and interrogate these financial planning projections with their clients so that the client gains a sense of ownership of the resulting agreed base planning scenario.

Collaborating with clients in this way is known as ‘do it together’, in that the professional adviser supports, guides and leads the process but the client drives the central assumptions on spending, working, investment risk and lifestyle decisions.

While many advisers and their clients will prefer to do this financial planning collaborating in person, it is just as easy and sometimes preferable, to do this virtually via live video and screen sharing technology.

This means that you’ll have a permanent video record of what was viewed, said and discussed, including allowing the client to review this in their own time.

Using video and screen technology in this way could mean you could have more contact with clients about the thing they value most – their own financial planning scenario.

It could also mean you could provide this service profitably to a wider group of people at a more affordable cost.

Whether you see clients in person or via live video, helping clients to see their financial big picture is a very valuable service that they will gladly pay you for year in, year out.